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Business News

Paypal drops out of partnership with Facebook’s Libra 

Online payments company, Paypal has announced that it is no longer in partnership with Facebook’s Libra.

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Libra, Paypal drops out of partnership with Facebook’s Libra 

Online payments company, Paypal has announced that it is no longer in partnership with Facebook’s Libra. This announcement makes Paypal the first company to officially back out of the cryptocurrency’s association. 

[READ MORE: Facebook deletes multiple accounts in Nigeria, others]

In a statement, Paypal said that the decision was made in order for the company to focus more on its business and services but said it would continue to support Facebook in the future

“PayPal  has made the decision to forgo further participation in the Libra Association  at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations,  

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities,” the statement read.  

Paypal drops out of partnership with Facebook’s Libra 

Facebook’s response: Commenting on the fall out with Paypal, the Libra Association in a statement said that it required a certain boldness and fortitude to take on an endeavour as ambitious as Libra and that commitment to the mission is important and so knowing about this lack of commitment by Paypal is better off now than later. 

What this means: For Paypal to walk away from Libra right now even before the project has been launched is a big blow to Facebook and the Libra Association in general. This is even more critical considering the fact that Libra has been struggling under the weight of speculation from regulators and organisations at large.  

Regulators and government bodies have been scrutinizing Facebook and its cryptocurrency with concerns over how a Facebook-backed and promoted currency could lead to anti-competitive behaviour. 

[READ ALSO: 7 key takeaways from Facebook’s Cryptocurrency, Libra]

What you should know: Since Paypal is out, Libra’s list of partners now include Mastercard, Visa, Stripe, eBay, Uber, Lyft, Spotify, Coinbase, Xapo, Andreessen Horowitz, Union Square Ventures, Mercy Corps, and Women’s World Banking, among others. 

 

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Corporate Press Releases

NIFIAN elects JAIZ Bank MD, Hassan Usman as first President

…Inaugurates pioneer EXCO members.

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The Non-Interest Financial Institutions Association of Nigeria (NIFIAN), yesterday in Abuja elected the Managing Director of Jaiz Bank Plc. Hassan Usman as its pioneer President.

Usman was inaugurated alongside other six EXCO members to steer the affairs of the umbrella body of all corporate organisations offering non-interest financial and related services in the country for a first term of 2 years.

Those elected includes Hajara Adeola, Managing Director/CEO, Lotus Capital Limited as Vice-President; Norfadelizan Abdulrahman, Managing Director/CEO of TAJBank Limited as Treasurer; and Fatai Ola Bakare, an astute in-house legal counsel and Islamic Finance expert of SunTrust Bank Nigeria Limited as the Secretary-General.

Other EXCO members inaugurated yesterday include Thaibat Adeniran, Managing Director/CEO, Cornerstone Takaful Nigeria Limited; Aminu Tukur, Managing Director/CEO, Noor Takaful Limited and Dr. Basheer Oshodi, CEO, TrustBank Arthur Limited.

In his opening address, Babayo Saidu, Chairman of NIFIAN’s Board of Trustees said the Association was registered on 28th August 2020, and duly incorporated at the Corporate Affairs Commission under Part C of the Companies and Allied Matters Act.

Parts of the objectives of NIFIAN is to promote common interest of member-organisations towards developing the non-interest financial services industry in Nigeria, creating an enabling regulatory environment through advocacy as well as deepening financial inclusion through market engagements and financial literacy. In addition, the Association aims to improve market resilience by fostering collaboration across the industry, promoting policies and programmes on Financial Inclusion, and sensitization of the populace for the economic development of the country through non-interest financial services offering.

The Executive Council is expected to steer the affairs of the Association towards the realisation of its objectives for the advancement of financial inclusion through non-interest finance in Nigeria.

In his inaugural address, Hassan Usman said the journey started more than a decade ago with Nigeria Islamic Finance Working Group, a multi-institutional platform under the auspice of EFInA (Enhancing Financial Innovation and Access.)

Usman said: “As today marks a new chapter in our pursuit, I would like to reiterate the fact that we are not there yet. This course is a journey and not a destination. While the overarching objective remains constant, the detailed operational and strategic initiatives of the Association shall continue to evolve to meet the requirements of the day.

“To this end, I pledge that over the course of my tenure, I will work with my colleagues in the Council to push some prominent initiative including promotion of sound Islamic banking and financial system and practise in Nigeria; growth and development of requisite market infrastructures such as an efficient non-interest inter-bank system.

“Pursuit of harmony in Shariah pronouncements (fatwas); represent the interest of members locally and internationally; provide advice and assistance to members pertinent to the development of their institution and deepen public awareness. I look forward to working with members to make Nigeria the Islamic Finance Hub of Africa.”

In addition, the President singled-out EFInA for the role played as the founder of what becomes NIFIAN today through its concerted support for the propagation of financial inclusion initiates through the non-interest finance industry. With the inauguration of persons of track records into the Executive Council of the Association, NIFIAN is therefore set to take on the charge towards developing the Nigerian financial markets.

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Consumer Goods

Unilever to spin off Tea business such as Lipton, Brooke Bond in major restructuring

Unilever wants to split its Tea business as a separate entity.

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Unilever Overseas increases stake in Unilever Nigeria Plc

Leading personal care and consumer goods company, Unilever announced plans to spin off its tea business into a separate legal entity.

The company announced this via a press release published on the website of the Nigerian Stock Exchange. The announcement is coming at least 6 months after its parent company, Unilever Global announced plans of a spin-off of its Tea business.

According to a press release seen by Nairametrics, by the company’s management through Abidemi Ademola, the Company Secretary, the strategic review which includes leading brands such as Lipton, Brooke Bond and PG Tip will go through the normal approval process, adding that the process is expected to be concluded by the end of 2021.

The planned separation will take full effect on all the balance of Unilever’s tea brands and geographies and all tea estates outside India and Indonesia, as the company will be retaining the tea businesses in India and Indonesia.

What they are saying

Prior to the recent disclosure, Unilever made the planned separation of the company’s tea business known on the 5th of August 2020.

The Global Chief Executive Officer of the leading consumer goods brand, Alan Jope, explained that it is – “important to strengthen the strategic future of the company by announcing proposals to unify its dual-headed legal structure.”

He noted that the strategic review of the company’s global tea business would help the company to make new commitments that are expected to drive efforts to help protect the climate and regenerate nature.

What you should know

  • The tea and savoury segment (food products) of Unilever Nigeria Plc made a total of N34.71 billion in 2020.
  • This, however, is higher than the revenue of N31.91 billion the company made in 2019 through the sales of tea and savoury.
  • In total, the tea business which will be separated, generated revenues of €2 billion globally in 2019 for the company.

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